Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,491/mo
Lowest payment- Down payment
- $24,267
- Funds due
- $33,462
- Interest + MI left
- $112,834
- First ends
- Aug 2051
New loan
New conventional
$1,789/mo
+$298/mo- Down payment
- $23,000
- Funds due
- $30,285
- Interest + MI left
- $302,668
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $205,733 | $207,000 |
| Second mortgage | — | — |
| First P&I | $980.21 | $1,402.29 |
| Second P&I | — | — |
| Mortgage insurance | $165.53 | $41.40 |
| Taxes, insurance & HOA | $345.50 | $345.50 |
| Total housing payment | $1,491.24 | $1,789.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,267
Closing costs & prepaids$9,195
Usable credit−$0
Total buyer cash needed$33,462
Earnest money paid−$0
Remaining funds due$33,462
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$586.50
Prepaid interest, first (5 days)$83.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 8 moOf the original 30-year loan at 2.96%
Interest already paid$34,777Through Dec 2026
Assumption only · ends Aug 2051$112,834
New conventional · ends Jan 2057$302,668